November 6, 2016
By Rapaport News
De Beers (click here) launched an online trading service that enables third parties to sell polished diamonds to other businesses on the miner’s existing auction platform.
The pilot service is targeted at single stones weighing more than 5 carats or those with a fancy color, the company said. The initiative, open to midstream industry members, represents an expansion of a rough trading platform for the trade De Beers introduced in June.
“We look forward to seeing how the trade responds to the extension of the third party selling service,” said Neil Ventura, executive vice-president of De Beers auction sales business (pictured). “Once we have some initial feedback we can decide whether there is sufficient demand to continue with it.”
De Beers said all sellers must comply with a declaration of integrity. In addition, diamonds must come with evidence of manufacturing history and go through a three-level screening process to identify synthetic or treated stones.
I am sure there are dearly few people that have not heard of "Blood Diamonds." The global community has some together to classify natural resources as "Conflict" resources. Diamonds are the most recognized of these resources. The origins of these resources bring a far different reality than the ultimate use.
Violence (click here)
Diamonds are supposed to be symbols of love, commitment, and joyful new beginnings. But for many people in diamond-rich countries, these sparkling stones are more a curse than a blessing. Too often, the world’s diamond mines produce not only diamonds – but also civil wars, violence, worker exploitation, environmental degradation, and unspeakable human suffering...